The MJFLA Acts Housing Credit Improvement Loan Fund provides interest-free loans up to $5,000 to referred participants of the Acts Housing Homebuyers Workshop program. Applicants are required to have sufficient income to repay the loan and must be referred by their Acts homebuyer coach. Loan terms will include repayment over a maximum of 36 months. As loans are repaid, those payments will be recycled into loans to help more Acts Housing participants.
1. Submit the online application.
2. Read the confirmation email that you receive after submitting.
3. Upload or email your proof of income and bank statements.
4. Ask your coach to provide your monthly budget financial analysis worksheet and credit report to MJFLA. For those with credit reports dated more than 3 months prior, we will run an Experian soft pull credit report to confirm up-to-date information.
Loan Committee Review:
Once all documents are received, if the applicant qualifies, then the loan committee will meet to review the application within one to three days. Once approved, loan documents will be signed and loan funds will be disbursed.
Repayment will begin about 30 days after loan disbursement.
All payments will be made via monthly ACH transactions from the client's bank account.
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